1. Definition of terms
1.1 Moneys raised through donations to AHSEF are held in a separate account by the University and are referred to as the “Funds” or the “Endowment Fund” while those moneys generated through the investment of the Endowment Fund are referred to as “Income.” 'Income' is the money used to allocate 'Funding Grants' and 'Administrative Expenditures.'
1.2 “Funding Grants” are moneys donated, or to be donated to the University of Waterloo's Faculty of Applied Health Sciences for specific purposes proposed by undergraduate Applied Health Sciences students and approved by the Board of Directors of AHSEF.
1.3 A majority vote indicates one-half + one vote of the quorum.
1.4 “On- stream” refers to the undergraduate Applied Health Sciences stream of students which are currently in a school term.
1.5 Membership of the Endowment Fund will be limited to undergraduate Faculty of Applied Health Sciences students who have been registered in one of the current or previous two terms.
2. Board of Directors
2.1.1 The Board of Directors shall be responsible for the following, subject to all Constitutional provisions:
- administering the affairs of the Board of Directors
- enacting resolutions concerning Funding Grants
- appointing such agents and engaging such employees as it shall deem necessary; from time to time and such persons shall have authority and perform duties as prescribed by the Board of Directors at the time of such appointment.
2.2 The Chair of the Board of Directors
2.2.1 The Chair, for each of the Spring, Winter and Fall terms, shall be elected by the members of the AHSEF by a ½ + 1) majority vote. 2.2.2 Only undergraduate Applied Health Sciences students at the University of Waterloo are eligible for the position of Endowment Director.
2.2.3 Further, the chair cannot hold any executive position with AHSUM at the University of Waterloo during his or her term of office.
2.2.4 Unless indicated otherwise by resolution of the Board of Directors executive, the election shall be held at the end of the Winter term for the Fall and Spring Directorships, and at the end of the Spring term for the Winter Directorship. Where possible, the election will be held in conjunction with AHSUM elections, and in accordance with their election policies.
2.3 Term of office
2.3.1 The term of office of any undergraduate student Director shall end immediately upon that student ceasing to be an undergraduate Applied Health Sciences student at the University of Waterloo and a new student Director may be appointed at the following Board of Directors meeting.
2.4 Meetings of the Board of Directors
2.4.1 Meetings of the Board of Directors shall operate under the following provisions:
the on stream Endowment Director shall be the chair;
if the on stream Director is absent, the Secretary shall be the chairperson for that function;
if neither of these are present, then the Treasurer shall chair the meeting;
there shall be at least one (1) meeting of the Board of Directors per term;
meetings may be called by any Director, to be held at any time and place to be determined by the on stream Director, provided that seven (7) days' notice of such a meeting be received by each Director. No error or omission in giving notice of any meeting of the Board of Directors shall invalidate such a meeting, or make void any proceedings taken thereat and any Director may at any time, waive notice of any such meeting and may ratify, approve and confirm any or all proceedings taken or had thereat;
the presence of at least one-half (1/2 +1) majority of the voting members of the Board of Directors shall constitute a quorum;
all resolutions, unless otherwise specified, shall be ratified by a one-half (1/2 +1) majority vote of the Board of Directors;
any resolution in writing, signed by all members of the Board of Directors entitled to vote on that resolution at a Board of Directors meeting, is as valid as if it had been passed at a meeting of the Board of Directors;
Board of Director meetings are open to the members of the AHSEF;
each director entitled to vote at a meeting of the Board of Directors may by means of a proxy appoint a proxy holder as his or her nominee to attend and act at the meeting in manner, to the extent and with the authority conferred by the proxy.
The instrument appointing a proxy shall be executed by the director in writing and shall be deposited with the Secretary of the Board of Directors before any vote is cast under scrutiny.
3.1.1 The Board of Directors quorum for approval of Funding Grants is a minimum of two-thirds of the members of the Board of Directors.
3.2.1 All resolutions other than those for Funding Grants shall be ratified by a one-half (1/2+1) majority vote of the Board of Directors
3.2.2 Procedure for proposal of Funding Grants will be an amendment for the winter of 1996 term
3.2.3 The Procedure for approval of Funding Grants is as follows:
- Recommendations and approval of the process by which funding decisions will be reached. This will be ratified by a one-half (1/2) majority vote of the Board of Directors
- Recommendations and approval of any sub-committees and their powers. This will be ratified by a one-half (1/2) majority vote of the Board of Directors
- Presentation and ratification of Funding Grants. Funding Grants will be ratified using the procedure determined in 3.2.2
4. Endowment Fund Officers
4.1.1 The Officers of AHSEF shall be the student elected Directors, Secretary, and Treasurer, the latter two of which are appointed by resolution of the Board of Directors. Any two offices may be held by the same person and the appointed Officers, Secretary and Treasurer, need not be of the faculty, staff or students of Applied Health Sciences.
4.1.2 The Officers of AHSEF shall hold office for a maximum 16 months from the date of appointment or election or until their successors are elected or appointed in their stead. Appointed Officers shall be subject to removal by resolution of the Board of Directors at any time.
4.2 Duties of Officers
4.2.1 The Chair of the Board of Directors shall preside at all meetings of the AHSEF and shall see that all orders and resolutions of the Board of Directors are carried into effect. 5.2.2 Contracts, documents, or any instruments in writing approved by the Board of Directors, requiring the signature of AHSEF, shall be signed by the on stream Director and the Treasurer and documents so signed shall be binding upon AHSEF without any further authorization of formality. This is subject to section 3 (d) of the Constitution of AHSEF.
4.2.3 In the absence or disability of the Chair of the Board of Directors he/she may designate an assistant to perform the duties and exercise the powers of that position. Otherwise, the Secretary or Treasurer shall assume control, as specified in section 2.4.1 of the AHSEF constitution
4.2.4 The Secretary shall give or cause to be given all notices required to be given by the AHSEF Board of Directors, shall be custodian of the AHSEF logo and all minutes of the meetings of AHSEF Board of Directors and shall have such other powers and duties as may from time to time be assigned to him/her by the Board of Directors.
4.2.5 The Treasurer shall keep full and accurate accounts of all assets, liabilities, receipts and disbursements of AHSEF by the AHSEF Board of Directors. The disbursements of the AHSEF Funds, as directed by the Board of Directors, shall be monitored by the Treasurer and he/she shall render to the Directors, at the regular meeting of the Board of Directors, or whenever they may require it, an accounting of all the transactions and a statement of the financial position of AHSEF.
5. Endowment Fund and Funding Sources
5.1 Voluntary Student Contribution (VSC)
5.1.1 Initially, the VSC was a student donation to the Endowment Fund of $27.44 and is included on the undergraduate Applied Health Sciences fee statement.
5.1.2 The student donation may be indexed up to the Government of Canada's rate of inflation every four (4) years.
5.1.3 All efforts will be made to ensure that monies collected through the VSV are tax deductible.
5.1.4 Any change in the level of the VSC, apart from those listed above, requires approval by the Board of Directors and the Membership of AHSEF.
5.1.4 The collection of the VSC is subject to the following conditions:
- the VSC is fully refundable according to the University of Waterloo's policies on incidental fees
- all proceeds generated by the VSC become part of the AHSEF fund
6.1 Handling of Income
6.1.1 Income generated to be used as Funding Grants, will normally be spent in the term in which it was generated. If by the nature of the Funding Grant process, some income remains unspent, it will be treated as Income for the subsequent undergraduate Applied Health Sciences term.
*6.1.2 Income may not be converted into Funds until it has been available for three (3) terms.
*6.1.3 A resolution of the Board of Directors is required to convert Income to Funds, subject to 6.1.1. The Board will decide each Winter term to convert Income to Funds or to keep Income to be spent. Carry-over Income does not need to be converted or kept as a whole, it can be divided between the two.
* Revisions passed at Fall 2006 Endowment Fund Meeting.
6.2.1 The Fund may put aside up to 10%, of the total income generated through Endowment Fund investment for administrative expenditures. The 10% administrative maximum will be reviewed annually.
6.2.2 A 'Major Administrative Expenditure' refers to an administrative expenditure which exceeds or equals $100. Major Administrative Expenditures must be approved by the Board of Directors, and the Chair and Treasurer must sign for Major Administrative Expenditures
6.2.3 A 'Minor Administrative Expenditure' refers to an administrative expenditure which is under $100. Minor Administrative Expenditures must be signed by the Chair and Treasurer. A “minor administrative expenditure” budget will be set by the Board of Directors, and all expenses charged to this budget are subject to Board of Directors review and approval.
6.2.4 All expenditures must be reported to the Treasurer and any receipts for such expenditures must be provided. All Major Administrative Expenditures must be presented before the Board of Directors in the Treasurer’s yearly report.
7. Priorities for Funding Grants
7.1.1 The direction AHSEF should take when making decisions in regards to the allocation of Funding Grants is education. Preferably the majority of the Grants would also be for capital expenditures, so the visibility of AHSEF is evident.
7.2 List of priorities
7.2.1 The following is a list of priorities for Funding Grants. While this hierarchy need not be followed strictly, it should not be disregarded altogether. Allocation of Funding Grants should not be limited to this list; however, the vast majority of Funds allocated should be towards these projects.
- Improved learning facilities
- Improved computing services
- Supplement class learning
- Other lab equipment
- Support for student society/clubs
- Funding of classes that students want offered which otherwise would be cut or not offered
- Projects of various departments/students with academic purpose